BoardDocs Agenda Item: 4.01 FY 2008 Final Budget Review - Approve the revenue and expenditure adjustments as detailed in the agenda item (FS; presented as new business 7/10/08; work session held 7/14/08)

		Agenda Item
4.01 FY 2008 Final Budget Review - Approve the revenue and expenditure adjustments as detailed in the agenda item (FS; presented as new business 7/10/08; work session held 7/14/08)
Meeting:	07/24/2008 Regular Meeting No. 2
Category:	4. Action Items - 7:40 p.m.
Agenda Type:	Action

Agenda Item Content

Staff Contact: Susan Quinn, Acting Chief Financial Officer

Meeting Type: July 24, 2008 - Regular Meeting No. 2

SUBJECT: FY 2008 Final Budget Review

TYPE: Action

BACKGROUND:

All of the FY 2008 accounts have been closed, subject to the annual independent audit. A summary of the revenue and expenditure variances is provided for each of the funds under the control of the School Board. All comparisons are against the FY 2008 estimate.

KEY POINTS:

FY 2008 actual revenue was $4.3 million lower than the estimate due to a $3.8 million decrease in sales tax revenue, offset by a $1.3 million increase in state aid; and a net reduction of $8.9 million in federal funding primarily due to $10.1 million in unspent federal grant funds that will be carried forward; and $7.0 million in higher than projected revenue from tuition, fees, and rebates.

Recommended expenditure adjustments to FY 2009 include $2.7 million for electricity rate increases, $1.2 million for restoring the flexibility reserve, and reductions in central office support to schools to fund the one-time stipend for lower wage employees included in the FY 2009 Approved agenda.

Funding for energy-related items including fuel, electricity, and other transportation items continues to be a concern for FY 2009. These accounts will be monitored and, if necessary, addressed in the FY 2009 Mid-Year Budget Review.

RECOMMENDATION:

That the School Board approve the revenue and expenditure adjustments as detailed in the agenda item.

Attachment:

Action Agenda Details

Motion:
Approve the revenue and expenditure adjustments as detailed in the agenda item

Motion By:
Phillip A Niedzielski-Eichner

Second:
Ilryong Moon

Action:	Unanimous
Voting Record
Daniel G Storck - Chairman	Yea
Kathy L Smith - Vice Chairman	Yea
Elizabeth T Bradsher	Yea
Brad Center	Yea
Martina A Hone	Yea
Ilryong Moon	Yea
James L Raney	Yea
Jane K Strauss	Yea
Kaye Kory	Yea
Phillip A Niedzielski-Eichner	Yea
Stuart D Gibson	Yea
Judith (Tessie) Wilson	Yea
Arvin Ahmadi - Student Representative	Not Present At Vote